UPDATE: Piper Jaffray Maintains Overweight, Raises Target to $81 on Ulta

Piper Jaffray reiterates its Overweight rating on Ulta Salon, Cosmetics and Fragrance, Inc.

and raises its price target to $81 from $77 following the company's FQ3 report and guidance that points to continued strength. Piper Jaffray elaborates, “For FQ4, management expects same-store sales to be up +6-8%, ahead of our prior estimate of +4% and management's long-term target of +3-5%. EPS guidance for the holiday quarter is $0.62-$0.64, ahead of our prior estimate of $0.59.” ULTA closed at $68.49 per share on Thursday.